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CFPB Bites of the Month - 2023 Annual Review - Debt Collection

In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt. Medical debt woes transcend political parties and affect nearly all demographic groups. As the CFPB has pointed out, and as almost every American knows, medical bills are confusing and insurance disputes are common. The CFPB took aggressive action in 2023 to curb medical debt collection practices and to ensure that medical debt collectors are collecting on accurate, undisputed amounts.

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Credit-based triggers should be a core requirement for your business.

Uncertain economic times and a higher volume of delinquencies has made managing your collection portfolio increasingly challenging. Implementing the right tools is critical. In their recent analytics study, Experian explores how Collections Triggers℠ works and how debt collectors effectively leverage them to prioritize accounts and increase recovery rates. 


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insideARM is grateful to our 2024 Strategic Supporters:

NCB Crown Asset Management Spring Oaks Capital

Coast Promotes Lisa Reese to Senior Vice President of Compliance

GENESEO, N.Y. -- Coast Professional, Inc. (Coast) is pleased to announce the promotion of Lisa Reese to Senior Vice President of Compliance. With more than 26 years of experience in collections and a wealth of knowledge from a number of departments including Compliance, Operations, and Auditing, Ms. Reese began her career at Coast in 2018 as the Senior Director of Compliance. She later earned a promotion to Vice President of Compliance. Throughout her tenure at Coast, she has provided leadership and support to teams of legal, quality assurance, training, and Compliance employees while maintaining a track record of protecting consumer rights.

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Third Circuit Finds Pennsylvania Lending Law Does not Regulate Collection of Charged-off Debt

On February 7, the U.S. Court of Appeals for the Third Circuit affirmed a lower court’s decision to grant a debt collector’s (the defendant) motion for judgment. The defendant argued that its efforts to collect plaintiff’s charged-off debt via a proof of claim in a bankruptcy proceeding was not limited by, or in violation of, the Pennsylvania Consumer Discount Company Act (CDCA). The plaintiff, who obtained a loan from a third-party small-dollar lender licensed under the CDCA, defaulted on the loan and the licensed lender subsequently charged off and sold plaintiff’s debt to a company that was not licensed under the CDCA.

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California DFPI Proposes New Regulations Under the Debt Collection Licensing Act

On February 9, 2024, the California Department of Financial Protection and Innovation (DFPI) published a proposed rule to adopt new regulations under the Debt Collection Licensing Act (DCLA). Under the DCLA, a debt collector licensee is required to pay the DFPI Commissioner its “pro rata share of all costs and expenses incurred in the administration” of the DCLA, which is calculated in part based on the licensee’s “net proceeds generated by California debtor accounts,” but the term “net proceeds” was not defined in the statute.

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Pedaling for a Purpose: Team VeriFacts Raises Funds for Local YMCA Youth Programs

STERLING, Il. -- Traci Oltmans and the VeriFacts team are at it again with the annual Spinathon fundraiser in support of their local Sterling-Rock Falls Family YMCA. Now in their fifth consecutive year of participating, the donations raised will support thousands of area children through financial support for swim lessons, gym memberships, camp attendance, and other summer childcare programs and activities.

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Fintech Trade Group Sends Letter to Director Chopra Urging CFPB to Develop Regulatory Approach for Earned Wage Access Products

The American Fintech Council (AFC), a trade group whose members include providers of earned wage access (EWA) products, has sent a letter to Director Chopra urging the CFPB to take steps towards development of a “pragmatic regulatory approach” for regulating EWA products.

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RA Compliance Corner: How to Effectively Communicate with Executive Leadership

27 March 2024 at 02:00 p.m.

Compliance and operations professionals sometimes speak a different language and have differing priorities. This can make it difficult to solve common problems and enhance organizational structure. Effective communication is the key to solving this problem and there are steps compliance professionals can take to improve communication with executive leadership teams.

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